Does your business use a Point of Sale (POS) system? First, it is essential to know if your current system is doing all that it can for you. Keep in mind, technological advancements are dramatic in any one year. Therefore, if you have not upgraded your POS system in “years,” it is time to consider an upgrade or a new system.
As a business owner, you may occasionally wonder if your business is slowing down because of the economy or other drivers. Is your staff a source of the slowing down, or is technology a factor? As COVID-19 restrictions continue to ease, and governments allow businesses to open more fully, perhaps you want to know how you can become more efficient and get back to business. We can certainly understand that!
Today, we will take a look at some of the telltale signs that it’s time to upgrade your POS and dive into how that change can benefit your business.
First, a note about POS systems - They can include a cash register, weighing scales, barcodes, scanners, touch screens, payment terminals, and more. A POS system is not only the point at which a customer pays for goods or services, but it is also the point at which the customer can return or reject goods and services. Let’s take a look at when it’s time to make a change for your business POS system:
If your system is old, the software eventually becomes slower and less reliable. Consider how often you’ve had to intervene in transactions due to machines freezing up, kicking workers off, or any of the other challenges that slow down or halt the transaction process. Is the solution always to reboot the system and lose valuable processing time?
Older systems also tend to be overly complicated. However, technological advances make newer POS systems very user-friendly and intuitive, often with tap and mobile payments that make checkout quick and easy on both sides of the checkout.
Older hardware is heavier, clunkier, slower, and less flexible. This older hardware can hold a business back when competitors commit to newer technology and efficiencies. For example, consider your cell phone and advances over the last 30 years. They started as clunky bag phones, then analog phones that never stayed charged, then smartphones, with many phone changes along the way.
There are so many more features available with modern hardware and software. For example, think about accounting and the change from handwritten journal entries to modern technology allowing you to keep all of your records on a smartphone. It is pretty amazing when you consider what newer technology affords as opportunities.
Older software may have been from a technological world where we didn’t have social media, e-commerce, digital receipts, real-time activities and data, mobile transactions, and more. Customer loyalty programs can do anything from offering incentives to recognizing when the customer enters your establishment, texting special deals once they are in the establishment. Without the most up-to-date software and features, these are all lost opportunities and lost revenue.
Older POS technology relied on printouts, exports, and imports of data. Newer technology can integrate more seamlessly with effective programs, providing time savings and staffing savings. For example, your business would no longer need to spend hours on nightly reconciliations, moving data from one place to another when a newer POS system can handle most of that work automatically.
Old school payment processing just won’t do anymore. Customers expect modern features, like mobile payments (such as Apple Pay and Google Pay) and tap-to-pay solutions. In addition, banks have transitioned to security measures such as chip cards to protect customers and businesses, resulting in companies needing to accept these cards across the board. Customers are now expecting complete versatility in the way they make payments. Do not fall behind, or your competitors will benefit from this expectation.
It seems like day by day, the entire world is transitioning to cloud-based technology, and POS systems are no different. Cloud-based solutions offer many advantages, but modern solutions do not need to be cloud-based. Current solutions can be cloud-based, locally housed, or a hybrid solution, based on your needs. If you’re not sure how your payments are processed, it’s time to take a second look.
Modern POS systems can include an inventory component that ties directly into sales and purchases. Although you will still need to perform periodic inventories, these solutions provide real-time information to keep your business moving efficiently. In addition, inventory solutions provide real-time data for reordering and the ability to determine if the prices of your materials have increased or decreased.
The customer does not need to go to the register to pay, and the register can come to them. If you are a restaurant owner, a device can be on each table for customers to manage their orders and payments themselves. If you run a retail store, employees can complete transactions on a tablet or smartphone, avoiding the need for lines at the checkout altogether.
Older systems may no longer have appropriate tech support. Eventually, some systems are no longer worth supporting. If the help you are receiving is spotty and unpredictable, taking too long, and you can no longer get parts for your devices —It is time to upgrade to a more modern POS system.
Now that you have reviewed the signs detailed in this article, how did you do? If these are concerns for you, it is time for you to invest in a new POS system.
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